Sentences with phrase «backdoor borrowing»
"Backdoor borrowing" refers to obtaining a loan or borrowing money from an alternative or unconventional source, typically done when the traditional channels of borrowing, such as banks, are not readily available or suitable. It implies finding an alternative way to borrow money. Full definition
The board will also vote on allowing $ 210 million in backdoor borrowing by the Dormitory Authority for that same program.
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The rest consists of non-voter approved backdoor borrowing — which, in addition to economic development, includes another $ 1.2 billion for a new healthcare - related Capital Restructuring Financing Program, $ 940 million for higher education, $ 714 million for transportation, $ 396 million for state facilities, $ 168 million for parks and the environment, $ 154 million for housing and $ 60 million for other purposes.
The state should ban «backdoor borrowing practices» with the state the second most indebted since California.
Instead of reining in the state's reliance on backdoor borrowing, it expanded the use of public authority debt.»
Mister Cuomo should count himself lucky that those within his own party are pointing out the fiscal foolishness and irresponsible pension - raiding backdoor borrowing he has proposed in his budget.
«Still, backdoor borrowing imposes significant costs on taxpayers, lacks transparency and may limit flexibility in providing important services and programs.
The Assembly member — who said he is interested in seeing the elimination of backdoor borrowing and term limits enacted in both houses, among other changes — has spent the last five years campaigning with Con Con advocates like SUNY New Paltz professor Gerald Benjamin and government reform activist Bill Samuels, participating in countless town halls and panel discussions to help get the word out.
Backdoor borrowing by the state Dormitory Authority, of course — duly reflected by an increase in DASNY's bond cap for this purpose, so you know they mean it.
State leaders came up with this system, known as «backdoor borrowing,» to get around a provision in the state constitution that prohibits the state from going into debt without first asking voters.
But NIFA blocked the move, calling it a one - shot revenue and «backdoor borrowing.»
«Such «backdoor borrowing» circumvents the State Constitution's requirement that State debt be approved by voters, and public authority debt is subject to fewer controls regarding issuance, structure and retirement than voter - approved State General Obligation bonds.»
New York State Controller Thomas DiNapoli talks about the «backdoor borrowing» pattern from a new report revealing state public authorities have been on a borrowing binge.
The report from state Controller Thomas DiNapoli found that there are 1,192 quasi-governmental public authorities in the state and they are often used by officials to conduct what is known as «backdoor borrowing,» which has less public scrutiny than traditional borrowing.